ICBA expressed support for legislation to give mortgage applicants more control over their private financial information.
ICBA backs bill supporting mortgage applicant financial privacy
April 25, 2023 / By ICBA
ICBA expressed support for legislation to give mortgage applicants more control over their private financial information.
ICBA expressed support for legislation to give mortgage applicants more control over their private financial information.
Bill Details: Introduced by Rep. Ritchie Torres (D-N.Y.), the Trigger Leads Abatement Act of 2023 (H.R. 2656) would amend the Fair Credit Reporting Act to prohibit credit reporting agencies from selling “trigger leads” when a consumer applies for a residential mortgage unless the consumer has opted into the creation and sale of such leads.
ICBA View: In a letter to Torres, ICBA said consumers are inundated with unwanted and invasive solicitations after they apply for a mortgage, yet the current process for consumers to opt out is confusing and leads many to believe their accounts have been hacked. Mortgage applications should not be public information, ICBA said.
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